Reducing Chargebacks With Payment Requests
One of the biggest challenges facing merchants who accept card payments is reducing chargebacks. A chargeback is the return of funds to a consumer, initiated by the issuing bank of the card used by a consumer to settle a debt. Chargeback reasons
Over recent years, major card schemes, including Visa and Mastercard, have designed new ways that merchants can protect themselves. For example, the creation of the chip & pin function on the card helped reduce the number of chargebacks. This solution, however, does not protect merchants who take payments when the card and client are not present.
Merchants from numerous sectors accept card payments in this way, in
Understanding the situation merchants were in, myPOS developed the Payment Request function. This function is as a key solution for reducing chargebacks across sectors. The best way to understand how this function works is to picture an everyday situation.
A Practical Use for the Payment Request Function
Imagine that you are a flower shop merchant and you get a call from a client who would like to send flowers to his or her partner. The client doesn’t have time to visit your store and does not wish the bill to be delivered with the flowers. With the Payment Request function, the merchant can send a request for payment to the client’s mobile phone or email and get paid instantly.
The client would receive a notification that the merchant has requested payment of a certain amount for an agreed product (or service). By clicking the attached secure link the client is able to enter the card details and effect the necessary payment. These details are transferred via myPOS directly, so the merchant does not have access to them. Once the payment is processed, the merchant can see the funds instantly in the account..
The Payment Request function is available to all our myPOS customers. You can access it from any device, from your